Oil Technical Analysis: WTI is testing $50.00 a barrel

Flavio Tosti Independent Analyst

Oil daily chart

Crude oil WTI is evolving in a bear trend below the 200-period simple moving average (SMA).
Bulls are attempting to generate a reversal up since late December.

Oil 4-hour chart

The 200 SMA is currently capping the bullish advance.

Oil 30-minute chart

$50.00 a barrel seems to be acting as strong resistance and at this stage, it is doubtful that bulls have what it takes to break above it this week.
To the downside, support can be seen near the 49.00, 48.00 and 47.00 figures.

Additional key levels

WTI

Overview:
    Today Last Price: 49.55
    Today Daily change: 58 pips
    Today Daily change %: 1.18%
    Today Daily Open: 48.97
Trends:
    Previous Daily SMA20: 48.15
    Previous Daily SMA50: 52.51
    Previous Daily SMA100: 61.36
    Previous Daily SMA200: 65.08
Levels:
    Previous Daily High: 49.99
    Previous Daily Low: 48.33
    Previous Weekly High: 49.41
    Previous Weekly Low: 44.52
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 49.36
    Previous Daily Fibonacci 61.8%: 48.96
    Previous Daily Pivot Point S1: 48.2
    Previous Daily Pivot Point S2: 47.44
    Previous Daily Pivot Point S3: 46.54
    Previous Daily Pivot Point R1: 49.86
    Previous Daily Pivot Point R2: 50.76
    Previous Daily Pivot Point R3: 51.52

Author

Flavio Tosti

Independent Analyst

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